|By Marketwired .||
|November 29, 2016 04:15 PM EST|
ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 11/29/16 -- Explor Resources Inc. (TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H1)(BERLIN: E1H1) ("Explor" or the "Corporation") is pleased to announce that it has closed a first tranche of a non-brokered private placement of a maximum of 11,764,705 common shares and/or flow-through shares at a price of $0.085 each, for total gross proceeds of up to CDN $1,000,000. Each common share is accompanied of one-half of a share purchase warrant, one whole warrant and $0.15 being required for the acquisition of one common share of the Corporation at the latest 24 months from each closing (the "Private Placement").
The first tranche of the Private Placement closed today consists in the sale of 588,235 common shares, of 2,235,294 flow-through shares and the issuance of 294,118 warrants. This represents an aggregate subscription of $240,000, out of which $170,000 will have to be incurred by the Corporation in exploration expenditures on mining properties located in the province of Quebec and $20,000 will be incurred on mining properties located in the province of Ontario. There are no finder's fees payable for the securities issued upon this first closing.
The securities issued pursuant to the first closing of the Private Placement are subject to a hold period of four months and a day ending March 30, 2017.
The Private Placement is subject to the final approval of the TSX Venture Exchange.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This press release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows: Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au) Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au) Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows: Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au) Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au)
This document may contain forward-looking statements relating to Explor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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